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Following
LINK Chainlink price rise drives market dynamics
Chainlink (LINK) broke through the key resistance level of US$9.04 on August 15, ending a long-term period of price stagnation and ushering in a significant increase. This trend pushed the cryptocurrency to an intraday high of $9.73 before stabilizing in the range of $9.45 to $9.56, showing a significant shift in market dynamics.
What are the reasons behind the surge in trading volume?
Accompanying the rise, trading volume surged by 123% to US$1 billion, while open interest in derivatives rose 16% to US$694 million. These signs suggest that new money is pouring into Chainlink, not just the diversion of existing positions. Chainlink's total market value is currently close to $7.15 billion.
Are whales driving market activities?
This is true. Data from Sanitation showed that large investors were actively involved, with 246 transactions exceeding $100,000 in a single day, the highest level since March. Currently, addresses holding 100,000 to 10 million LINK tokens account for 46.57% of the total circulation supply. Whale activity highlights the momentum behind LINK's recent breakthroughs.
As LINK approached and broke through the US$9.04 resistance level, whale accumulation accelerated, further enhancing the breakthrough momentum. The Relative Strength Index (RSI) is 71.40 and the Chandler Momentum Swing Indicator (CMF) is 0.18, both indicating continued active buying, although an RSI above 70 also suggests that the token is approaching overbought territory. If LINK falls back below $9.04, it may stabilize in the key support range of $8.49 to $8.58.
Do institutional trends show confidence?
Leading digital asset manager Bitwise reported a net inflow of $1.5 million to its Chainlink ETF last week. Hunter Horsley, CEO of Bitwise, emphasized that this reflects growing institutional interest and that Chainlink is gaining greater recognition for its key role in connecting blockchain applications with real-world data. Bitwise's ETF inflows indicate strong investor demand for regulated products that can gain LINK exposure without directly holding tokens, highlighting institutions 'preference for investing in blockchain infrastructure.
Market Analysis Points
LINK stabilized around US$9.56, with a weekly gain of 15%. Technical resistance levels are $10,$10.50 and $11. The $20 target price reflects market optimism. Potential pullback support is in the range of $8.49 to $8.58. As of the time of analysis, LINK's trading price remained around US$9.56, with a weekly increase of 15%. If it can effectively break through key resistance levels, it is expected to continue its upward momentum.
